South County Real Estate Sales Week of February 23 - March 1, 2009
Date: Monday March 2, 2009Posted in: real estate, Santa Clara County, Morgan Hill, San Martin, Gilroy, statistics, listings, pending sales, list price
The last week of February was a busy one for real estate sales in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. There were 45 residences that went from active to pending status as compared to 30 last week - a 33% jump! Of all the sales last week, 39 were single family homes and 6 were townhouses/condominiums. The highest price listing sold last week was 8325 Pepper Grass Court in Gilroy, priced at $1,999,950. The lowest priced listing sold last week was 7670 Eigleberry Street, a single family home in Gilroy priced at $159,900.
Of these sales, the list price ranges were:
Below $200,000 = 3 sales (7% of total)
$200,000 - $500,000 = 31 sales (69% of total)
$500,000 - $800,000 = 9 sales (20% of total)
$800,000 - $1,200,000 = 1 sale (2% of total)
$1,200,000 - $2,000,000 = 1 sale (2% of total)
As of March 1, 2009, there are 535 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 291 pending residential listings. Therefore, 35% of the total listings are pending under contract as of this date. Many of the pendings are short sales and therefore take a long time to close. This could keep our pending percentage up artificially high.
Due to the high percentage of pending listings week after week, starting this week I will also be reporting the number of residential real estate listings that close escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. For this past week, 28 homes closed escrow. Twenty-eight properties would comprise 3.4% of the total active and pending listings and 9.6% of the pending listings.
Tune in next week for an update on the number of sales in South Santa Clara County!
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